"Can I remind us, that in 2004 and 2005 some important governments in Europe were asking for weakening the Stability and Growth Pact? Do you remember that? Do you remember which governments?" He asked ironically, citing France, Germany, and Italy as the countries pulling for looser restrictions on eurozone rules.

According to Trichet, the ECB has performed with flying colors since the birth of the euro as a "fiercely independent" institution divorced from the whims of EU governments -- even during what he calls "the worst crisis since WWII."

"We have delivered price stability over the first 12 years and 13 years of the euro -- impeccably, impeccably," Trichet emphasized. "I would like very much to hear the congratulations for an institution which has delivered price stability in Germany" at a level which is "better than what has ever been obtained in this country over the last 50 years."

He also called controversial interest rate hikes earlier this year "appropriate" given the inflationary situation at the time, although he announced that the ECB now sees inflation risks as balanced.